Iran has exported more than 40 million barrels of crude oil since the United States lifted its naval blockade of Iranian ports, with the country now selling its oil at prices around 20 percent higher than before the conflict, Parliament Speaker Mohammad Bagher Ghalibaf said.
Speaking in a televised interview released on his Telegram channel on Tuesday, Ghalibaf said the reopening of export routes had enabled Iran to rapidly restore oil shipments after months of disruption.
“Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil,” Ghalibaf said, adding that Iran had been unable to export any crude during the roughly two-month blockade that preceded the agreement with Washington.
The United States and Iran signed a memorandum of understanding on June 17 to end nearly four months of hostilities, reopen the Strait of Hormuz and begin a 60-day negotiating process aimed at reaching a permanent peace agreement. Although the two countries exchanged limited strikes over the weekend following an Iranian attack on two transiting vessels, the ceasefire has largely held.
The reopening of the Strait of Hormuz, one of the world’s most important oil shipping routes, has allowed tanker traffic to resume after weeks of disruption. The return of Gulf crude supplies has also eased concerns over global energy shortages, contributing to a sharp fall in international oil prices.
Tanker tracking firm TankerTrackers.com estimated on Wednesday that Iran had exported about 50 million barrels of crude oil since the United States ended the naval blockade two weeks earlier. The company monitors global oil movements using satellite imagery, shoreside photography and vessel tracking data.
International benchmark Brent crude was trading near US$73 per barrel on Wednesday, down nearly 40 percent from its wartime peak of US$118 per barrel in April as markets responded to improved diplomatic prospects and expectations of increased supply from the Gulf.
Before the conflict, Iranian crude typically traded at a discount of between US$10 and US$15 per barrel below Brent to compensate buyers for the risks associated with international sanctions, according to Gregory Brew, a senior analyst at Eurasia Group.
Ghalibaf said Iranian oil was now being sold at prices roughly 20 percent higher than before the war, reflecting stronger demand following the reopening of export channels.
Under the memorandum of understanding, Iran has agreed to allow vessels to transit the Strait of Hormuz without charging tolls for a period of 60 days. However, Ghalibaf stressed that Tehran would retain authority over the strategic waterway.
“The sovereignty of the Strait of Hormuz lies with Iran and Oman, and traffic in the strait is subject to arrangements determined by Iran,” he said.
“Iran will not give up its rights in the Strait of Hormuz under any circumstances, and these are our territorial waters.”
The future governance of the strait after the 60-day agreement expires remains uncertain. During the conflict, vessels were forced to navigate either through a southern corridor along Oman’s coastline or via shipping lanes controlled by Iran to the north.
Ghalibaf also rejected claims by U.S. President Donald Trump that Iranian assets released under the agreement would be used to purchase American agricultural products.
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He said that US$12 billion of the approximately US$24 billion in previously frozen Iranian assets held abroad would instead be transferred to Iran’s central bank.
The funds, he said, would be used “to purchase any goods it needs, at any price and in any currency in the world,” indicating that Tehran intends to retain full discretion over how the money is spent.
The developments mark a significant easing of tensions in the Gulf after months of conflict that disrupted shipping, drove oil prices sharply higher and raised concerns about global energy security. Investors will now be watching whether the ongoing negotiations between Washington and Tehran can produce a lasting agreement that preserves stability in one of the world’s most strategically important energy corridors.
